Chevron closes $5B acquisition of Noble Energy

SAN RAMON, California and HOUSTON — Oil giant Chevron Corp. (NYSE: CVX) has closed on its takeover of Noble Energy Inc., giving it control over the second-largest oil and gas operator in Weld County.

Chevron also named Hodge Walker, Noble’s former senior vice president for U.S. onshore operations, as the new head of Chevron’s operations in the Rockies.

The deal, first announced in late July, amounted to $10.38 per share and just under $5 per barrel of Noble’s proven reserves among mineral rights it controls, which includes its assets in Weld County. Noble shareholders will hold approximately 3% of Chevron’s stock after the deal is consummated.

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Chevron’s offer was valued at $5 billion at the time for assets alone, but the deal overall is $13 billion when Noble’s debt is factored in.

Noble’s stock closed at $8.46 per share before exiting the Nasdaq markets upon the deal’s close.

Noble shareholders approved the deal in a special meeting Friday. Just more than 10% of shareholders voted against the combination, according to vote tallies submitted to the U.S. Securities and Exchange Commission shortly after the meeting last week.

Houston-based Noble is the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production is in Weld County.

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